|Bid||0.295 x 0|
|Ask||0.300 x 0|
|Day's Range||0.285 - 0.300|
|52 Week Range||0.241 - 0.420|
|Beta (3Y Monthly)||1.03|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 29, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.42|
"The rating review reflects the significant refinancing risk that GCL New Energy faces, with material debt falling due in the remainder of 2019, and with limited visibility around committed refinancing," says Ivy Poon, a Moody's Vice President and Senior Analyst. Moody's estimates that GCL New Energy has at least RMB6.2 billion of debt maturing through December 2019, with the majority due in the next 1-2 months. While Moody's understands that GCL New Energy has been in discussion with several financial institutions, uncertainty remains over the timing and size of any new funding to be obtained.
NEW YORK, Aug. 14, 2019 /PRNewswire/ -- Ideanomics Inc. (IDEX) has today announced a deal between its NETS division and Asian new energy leader GCL . The agreement will see the companies take an interest in Ideanomics' recently-created NETS division in exchange for contributing large-scale, guaranteed revenues through vehicle sales, as well as real-time vehicle data monitoring capabilities to help proactive management of enterprise fleets.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of GCL New Energy Holdings Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service says that the B2 corporate family rating and B3 senior unsecured rating of GCL New Energy Holdings Limited are not immediately affected by the announced co-operation intent agreement between GCL-Poly Energy Holdings Limited and China Huaneng Group Co., Ltd. GCL New Energy was 62.28% owned by GCL-Poly as of 4 June 2019. China Huaneng is one of the top five state-owned power generation companies, by installed capacity, in China.
April 15 (Reuters) - GCL New Energy Holdings Ltd: * CINDA FINANCIAL LEASING TO PURCHASE LEASED ASSETS FROM SHENMU JINGPU FOR RMB600 MILLION * IN ADDITION, SHENMU JINGPU CONDITIONALLY AGREED TO PAY CINDA ...
March 28 (Reuters) - GCL New Energy Holdings Ltd: * FY PRELIM PROFIT ATTRIBUTABLE RMB470 MILLION VERSUS RMB764 MILLION * FY PRELIM REVENUE RMB5,632 MILLION, UP 43% Source text ( http://bit.ly/2OvM7IK ) ...
March 28 (Reuters) - GCL New Energy Holdings Ltd: * UNITS CONDITIONALLY AGREED TO SELL & WULING POWER CONDITIONALLY AGREED TO PURCHASE 55% STAKE IN RUZHOU GCL, XINAN GCL AND JIANGLING GCL * DEAL FOR RMB246.4 ...
Moody's Investors Service has downgraded GCL New Energy Holdings Limited's corporate family rating to B2 from B1, and its senior unsecured rating to B3 from B2. "The ratings downgrade reflects the combined effect of 1) GCL New Energy's tightened liquidity and a high level refinancing risk with sizable maturing debt in 2019, as well as 2020, and 2) continued uncertainty regarding the ongoing business model of the company under the asset light strategy," says Ivy Poon, a Moody's Vice President and Senior Analyst. Moody's estimates that GCL New Energy has RMB8.5 billion of debt maturing in 2019 and a further RMB6 billion in 2020.
Feb 1 (Reuters) - GCL New Energy Holdings Ltd: * ANNOUNCES DISPOSAL OF 100% EQUITY INTEREST IN CERTAIN UNITS * DEAL FOR TOTAL OF RMB420.0 MILLION Source text for Eikon: Further company coverage:
Jan 3 (Reuters) - GCL New Energy Holdings Ltd: * TONG WAN SZE HAS TENDERED HIS RESIGNATION AS AN EXECUTIVE DIRECTOR AND CFO Source text for Eikon: Further company coverage:
Nov 16 (Reuters) - GCL New Energy Holdings Ltd: * CORNERSTONE JINGXIN FINANCIAL LEASING TO BUY HONGHE LEASED ASSETS FROM XI'AN DATANG ELECTRIC FOR RMB158.5 MILLION * CORNERSTONE JINGXIN FINANCIAL LEASING ...
Oct 24 (Reuters) - GCL New Energy Holdings Ltd: * ANNOUNCES DISPOSALS OF 80% STAKE IN HUARONG GCL NEW ENERGY AND LINZHOU XINCHUANG * DEAL FOR RMB141.8 MILLION * ANNOUNCES DISPOSALS OF 80 PERCENT STAKE ...
Moody's Investors Service has downgraded GCL New Energy Holdings Limited's corporate family rating to B1 from Ba3 and the senior unsecured rating on its USD bond to B2 from B1. "The ratings downgrade reflects the deterioration in GCL New Energy's credit quality, driven by the weakening credit profile of its parent, GCL-Poly Energy Holdings Limited," says Ivy Poon, a Moody's Vice President and Senior Analyst. The heightened business and financial pressure arising from the challenging upstream industry environment has limited the ability of GCL-Poly to provide support for its subsidiary, GCL New Energy.
Humming away in an industrial estate in the eastern Chinese resort city of Hangzhou, electric vehicle designer Automagic is one of hundreds of companies looking to ride the country's wave of investment in clean transportation. The company wants to find a niche in a crowded sector that already includes renewable equipment manufacturers, battery makers and property developers like the Evergrande Group, as well as established auto giants. "This (large number of firms) is inevitable, because whenever there is an emerging technology or emerging industry, there must be a hundred schools of thought and a hundred flowers blooming," said Zhou Xuan, Automagic's general manager, referring to Chinese leader Mao Zedong's ill-fated 1956 "Hundred Flowers" campaign aimed at encouraging new ideas.
Moody's Investors Service has placed on review for downgrade the Ba3 corporate family rating (CFR) of GCL New Energy Holdings Limited and the B1 senior unsecured rating on its USD bond. "Our review of GCL New Energy's ratings reflects the continued pressure on its credit profile from the lingering credit weakness of its parent, GCL-Poly Energy Holdings Limited," says Ivy Poon, a Moody's Vice President and Senior Analyst. "On a standalone basis, GCL New Energy's business transformation strategy of an asset light model through asset disposals would improve its financial leverage, but uncertainty remains in the lengthy negotiation process associated with the disposals, against the backdrop of an evolving policy environment, as well as the structure of disposal transactions," adds Poon.
China will speed up efforts to ensure its wind and solar power sectors can compete without subsidies and achieve "grid price parity" with traditional energy sources like coal, according to new draft guidelines issued by the energy regulator. As it tries to ease its dependence on polluting fossil fuels, China has encouraged renewable manufacturers and developers to drive down costs through technological innovations and economies of scale. The country aims to phase out power generation subsidies, which have become an increasing burden on the state.